Snowfox Group, which operates 2,300 chef-operated sushi kiosks globally, realized record sales of GBP 197.3 million (USD 231.9 million, EUR 232.6 million) in fiscal year 2021.
In addition, the London, United Kingdom-based company’s adjusted EBITDA doubled from GBP 17.1 million (USD 20 million, EUR 20.1 million) to GBP 34.4 million (USD 40.4 million, EUR 40.5 million), its best-ever annual performance, Snowfox said in a press release.
Snowfox attributed the strong sales to its contracts to supply sushi to over 40 retailers, including Kroger and Costco in the U.S.; Tesco, Asda, and Waitrose in the U.K.; and Loblaws in Canada. The supplier opened 381 sushi kiosks in 2021.
Snowfox’s franchised kiosks in the U.S. and Canada boasted like-for-like sales growth of 33 percent in 2021, while its corporate-owned kiosks in the U.K. and Canada realized sales increases of 25 percent.
“We continue to see increasing demand for the freshest, most-affordable, and convenient Japanese food at scale. This has supported Snowfox Group’s continued growth, record revenue and EBITDA in 2021, and established the group as an international, diversified and market-leading Japanese food business,” Snowfox Group CEO Richard Hodgson said.
In addition, Snowfox’s Sushi commissary business strengthened its existing partnerships and successfully established a range of new relationships with “blue-chip grocers and non-grocery partners,” the company said. It added Tesco, Co-op, and WHSmith as commissary customers, and built out its relationships with Asda, Costco, David Lloyd, and other retailers.
For the first seven months of 2022, Snowfox has realized a sales increase of 60 percent to GBP 182.7 million (USD 214.7 million, EUR 215.3 million).
“Looking ahead, I am confident in the future growth opportunities for the group – across kiosks, pre-packaged, and restaurants. We are a clear leader within a large and growing market, and we are ideally-placed to respond to those prevailing consumer trends which are driving the appeal of sushi – namely health, convenience, and the growing adoption of international cuisine,” Hodgson said.
Via its four leading brands – Snowfox, Bento, Taiko, and YO! – the group provides sushi to an international customer base across three main routes to market: 2,300 in-store kiosks, eight sushi commissaries (factories) that supply pre-made sushi to nearly 6,000 locations, and 65 restaurants in the U.K. and North America.
In 2022, Snowfox expanded its commissary business via expansion of its relationship with Waitrose and Lidl in the U.K., and Costco in the U.S. The group has opened an additional commissary location in Los Angeles, California, U.S.A., and expanded its existing U.K. commissary to meet increased demand from existing and new customers.
It has opened one new restaurant in the U.K. in the year to-date, with another scheduled to open in fiscal year 2022.
“Further selected openings remain under consideration,” Snowfox said.
Photo courtesy of Snowfox Group
